Industrial property sold off to 150-year-old manufacturer
Acting on behalf of the vendor, Avison Young has sold the freehold interest of Units 1-4 Sandbeds Court at Sandbeds Trading Estate in Ossett, Wakefield.
Purchased as a freehold by a local manufacturing firm, Edward Clay & Son, the property consists of a four-bay warehouse with ground-floor loading doors and office accommodation on the upper levels, all totalling 33,626 sq ft.
Jake Pygall, associate director at Avison Young, said: “We are continuing to see demand in the mid-box market, especially for freehold properties, which are well-sought after, as businesses continue to adapt to the changes driven by shifting consumer habits.
“Freehold industrial properties remain in short supply, which in turn is seeing a sharp increase in capital values achieved.
“This property attracted a large amount of interest from occupiers and investors alike and was put under offer quickly after a short marketing period.”
Richard Corby, director at Lambert Smith Hampton who acted on behalf of the purchaser, said: “Demand from owner occupier manufacturers remains strong and as an asset class, industrial property is out-performing other sectors, so long-established family-owned businesses like Edward Clay & Son are happy to invest for the long term in properties such as this.
“The tricky part is sourcing a suitable property at the right price in the face of strong competition.”
Edward Clay, from Edward Clay & Son, added: “Thanks to Jake and Richard, and having just completed our 150th year of trading, it is great to acquire this extra space near our world headquarters that allows us to push forward and continue on our mission.”
The joint agents on the sale were Vickers Carnley.